News
Insurers’ assets hit N3.3trn as premium income rises by 51%
By Francesca Hangeior.
Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion in the corresponding period of Q1’23.
The National Insurance Commission, NAICOM, disclosed this in its first quarter Q1’24 report of the insurance sector.
According to the report, total assets of non-life business stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.
According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.
Further analysis of the report show that industry gross premium income increased by 51 per cent to N470.7 billion in Q1’24 from N311.5 billion recorded in Q1’23.
According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.
Further analysis of the report show that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 per cent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.
On claims payment, claims paid increased by 71.8 per cent to N149.1 billion in Q1’24 from N86.8 billion recorded in Q1’23.
According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.
“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”
News
Breaking: Atiku emerges new Deputy Clerk to National Assembly
Sokoto-born seasoned technocrat, Mr. Ibrahim Atiku has been appointed as Deputy Clerk to the National Assembly (DCNA), with effect from February 2, 2025.
This was contained in a letter dated 19th December, 2024 and signed by the Executive Chairman, National Assembly Service Commission (NASC), Engr. Ahmed Kadi Ahmshi.
Ahmshi said the decision was taken during the just concluded 616th Meeting of the Commission, held on Thursday, 19th December, 2024; in recognition of his “hard work” and “administrative competence”.
“The National Assembly Service Commission, at its 616th Meeting held on Thursday, 19th December, 2024, approved your appointment as Deputy Clerk to the National Assembly with effect from 2nd February, 2025.
“This Appointment is in recognition of your hard work and administrative competence. It is therefore expected that you will continue to uphold the confidence reposed in you.
“While congratulating you on your appointment to this exalted position, please accept assurances of our highest esteem”, the letter reads.
Until his appointment, Mr. Atiku was the Director, Finance and Account, House of Representatives, in National Assembly.
He is an Alumnus of Usman Dan Fodio University, Sokoto, and fellow of the Nigerian Institute of Management. Atiku also obtained a Masters degrees in legislative studies as well as a Ph.D. in Legislative Studies.
Atiku also attended various courses home and abroad, among them are, the National Institute for Legislative and Democratic Studies (NILDS), Harvard University, USA, JF Kennedy School of Government USA, Duke University USA, West African Institute of Finance and Economic management, (WAIFEM), Harvard Business School USA, RIPA International UK. among others.
Recall that the NASC had last month, approved the appointment of Barr. Kamoru Ogunlana as Clerk to the National Assembly (CNA).
Both Ogunlana and Atiku are billed to resume their respective offices Feburary 2, 2025, when the current occupants of the offices shall be due for retirement.
News
Jubilation as Gov Mutfwang approves 13th month salary
The governor of plateau state, Caleb Mutfwang has in his passionate commitment to the welfare of public and civil servants in the State, approved that the 13th-month salary be paid to bring a more joyful Yuletide to civil servants in the state.
Governor Mutfwang in a statement by his Director of press and public Affairs, Gyang Bere also directed the swift payment of end-of-the-year bonuses for public and civil servants in the State.
It was gathered that this is the first time in Plateau’s history that the state government is paying workers a 13th-month salary.
This move is a testament to Governor Mutfwang’s desire to implement policies that enhance working conditions for government workers.
The Governor wishes all workers Merry Christmas and a prosperous New Year in advance.
News
Stampedes: You’ve Weaponized Poverty on Nigerians – HURIWA Tells Tinubu, State Govs
The Human Rights Writers Association of Nigeria (HURIWA) has expressed grave concern over the spate of deadly stampedes occurring across the country, attributing the tragedies to the government’s failure to address worsening economic conditions.
The advocacy group accused both federal and state governments of “weaponizing poverty,” creating an environment where desperate citizens now risk their lives scrambling for basic necessities that were affordable just months ago.
The group condemned the most recent stampede in Maitama, Abuja, where ten individuals, including four children, lost their lives during a food distribution exercise at Holy Trinity Catholic Church. Similarly, the group decried the crowd crush at a school fair in Ibadan, which claimed the lives of at least 35 children, and the stampede in Okija, Anambra State, where multiple casualties were recorded during the distribution of palliatives.
HURIWA lamented that these stampedes are the result of severe hunger and deprivation fueled by skyrocketing inflation, poor economic policies, and the weaponization of poverty.
“Nigerians are dying while rushing for staple foods that were affordable just a few weeks before President Bola Ahmed Tinubu took office.
The government’s inability to implement effective economic policies has pushed millions into desperation,” the group stated.
The Maitama incident, which occurred during a charitable outreach to the vulnerable and elderly, claimed ten lives and left eight others injured. In Ibadan, the deaths of 35 children at a school fair organized by the Wings Foundation and Agidigbo FM Radio shocked the nation, while the stampede in Anambra State highlighted the peril of poorly organized relief efforts in a country where millions live in poverty.
According to HURIWA, the removal of fuel subsidies without adequate cushioning measures has exacerbated the cost of living crisis, forcing many Nigerians into extreme poverty.
With over 133 million Nigerians classified as multi-dimensionally poor, according to recent reports, the group noted that hunger and deprivation have reached unprecedented levels.
“This government has turned poverty into a weapon, creating a situation where citizens are dying to secure basic sustenance. This is not governance; it is a tragedy,” HURIWA asserted.
The association emphasized that these recurring stampedes are symptomatic of a deeper crisis in Nigeria’s socio-economic fabric. It warned that the country is dangerously close to the brink of becoming a failed state. “When citizens die in droves just to access food, it is clear that the state is failing in its primary responsibility of safeguarding the lives and welfare of its people,” HURIWA said.
The advocacy group criticized President Tinubu’s administration for implementing poorly thought-out policies that have worsened the economic situation. It pointed out that the rising cost of staple foods, transportation, and other essential goods has left millions unable to meet basic needs.
“Before this administration, staple foods like rice and garri were within reach for the average Nigerian. Today, these have become luxury items, accessible only to a few,” HURIWA noted.
The association also accused state governments of compounding the problem by failing to prioritize grassroots development and welfare. It cited instances where poorly organized charitable events and palliative distributions have led to fatal stampedes, as seen in Anambra and other states.
HURIWA called for an immediate review of economic policies at both federal and state levels, urging leaders to prioritize the welfare of citizens over political and personal gains. “Governments must stop paying lip service to poverty alleviation and take real steps to address the root causes of hunger and deprivation,” the group stated.
The association proposed several measures to prevent future tragedies and address the underlying causes of the current crisis. These include the immediate implementation of comprehensive social safety net programs to provide food, healthcare, and financial assistance to vulnerable populations. HURIWA also called for massive investments in agriculture to increase food production and reduce dependency on imports.
Also, the group urged the federal government to introduce tax relief measures for low-income earners and small businesses to ease the economic burden. It also advocated for the creation of job opportunities through public works programs and partnerships with the private sector.
HURIWA stressed the need for better coordination of relief efforts to prevent overcrowding and ensure safety during palliative distributions. It called on event organizers to collaborate with local authorities and law enforcement agencies to manage large crowds and maintain order.
The advocacy group further emphasized the importance of accountability and citizen participation in governance. It urged Nigerians to demand transparency and hold their leaders accountable for policies that impoverish the masses.
HURIWA also called on President Tinubu’s administration to reverse policies that have exacerbated poverty and introduce people-centered reforms to rebuild public trust.
“This government must realize that the survival of its people is non-negotiable. Urgent steps must be taken to address the root causes of these tragedies and prevent Nigeria from sliding further into chaos,” the group stated.
As the holiday season approaches, HURIWA appealed to wealthy individuals and organizations to step up their philanthropic efforts to assist the less privileged. However, it stressed the need for such activities to be well-coordinated to avoid further tragedies.
The group reiterated its warning that Nigeria is on the verge of a socio-economic collapse. It called on all levels of government to act decisively to reverse the trend and restore hope to the millions of Nigerians struggling to survive.
“The lives lost in Abuja, Ibadan, Anambra, and elsewhere are a grim reminder of the cost of inaction. The government must stop weaponizing poverty and take immediate steps to address the root causes of this crisis. Failure to act now will only push Nigeria further toward the precipice of a failed state,” HURIWA declared.
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